Joseph Dahrieh, Managing Principal at Tickmill
The GCC markets were under some pressure as traders took a more cautious stance ahead of tomorrow’s PCE inflation data on 28th March.
The Saudi stock market returned to the downside for its last trading session of the week which erased gains from the last two weeks. The market was weighed by the mixed performance in the banking sector. While the market could continue to see correction risks, improving oil prices could support sentiment and help limit losses.
The Dubai stock market was volatile today and remained near the lower end of this month’s range. The market found support from some financial stocks however it continued to see some downside risks and remained without a clear direction since the beginning of the month.
The Abu Dhabi stock market saw some volatility and stabilized to a certain extent after yesterday’s decline. The market could find some support in increasing oil prices.
The Qatari stock market ended its last trading day of the week on a negative note, consistent with its weekly performance. The leading stocks were mostly leaning to the downside.
